Ripple Price Analysis: XRP/USD’s Resistance Turned Support

Ripple Price Analysis: XRP/USD’s Resistance Turned Support

Key Highlights

Ripple price traded further higher and almost tested the $0.5250 resistance against the US dollar.

There is a new bearish trend line in place with resistance at $0.4850 on the hourly chart of the XRP/USD pair (data source from Kraken).

The pair is currently holding an important support near $0.4750, which was a resistance earlier.

Ripple price is trading near key supports against the US Dollar and Bitcoin. XRP/USD must stay above the $0.4700-0.4750 support to resume its upside move.

Ripple Price Support

Yesterday, there were further gains in Ripple price above the $0.5000 level against the US Dollar. The XRP/USD pair gained momentum and broke the $0.5100 resistance. It traded close to the $0.5250 resistance before sellers appeared. A high was formed at $0.5196 and the price started a downside correction. It declined below the $0.5000 support area to start a major correction.

There was a break below the 50% Fib retracement level of the wave from the $0.4531 low to $0.5196 high. However, the decline was protected by a major support near $0.4750. The stated level was a resistance earlier, and it is now preventing declines below $0.4700. Moreover, the 100 hourly simple moving average is also at $0.4720 to act as a support. On the upside, there is a new bearish trend line in place with resistance at $0.4850 on the hourly chart of the XRP/USD pair. The pair has to move above the trend line and $0.5000 resistance to resume its upside move in the near term.

Looking at the chart, the price is holding the $0.4750 support very well. If it fails to stay above $0.4700, the price could move back in a bearish zone. The next supports are at $0.4550 and $0.4500.

Looking at the technical indicators:

Hourly MACD – The MACD for XRP/USD is now back in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now well below the 50 level.

Major Support Level – $0.4750

Major Resistance Level – $0.5000

Ripple Price Analysis: XRP/USD’s Resistance Turned Support was last modified: July 4th, 2018 by Aayush Jindal

Upcoming events

NewsBTC is a news service that covers bitcoin news, technical analysis & forecasts for bitcoin and other altcoins. Here at NewsBTC, we are dedicated to enlightening people all around the world about bitcoin and other cryptocurrencies. We cover news related to bitcoin exchanges, bitcoin mining and price forecasts for various virtual currencies.